Confidentiality Agreements and Your Medical Device Idea (Free Template) - LinkedIn Article written by Laurence Binder
How can you protect your idea?
I regularly advise clients on the importance of protecting your new medical device ideas and how that relates to your investment in developing them. My general recommendation is protecting your idea as a 2-tiered approach. First, establishing Confidentiality with anyone you share your idea with and Second, pursuing patents. The focus of this article will be on Confidentiality (CDA, NDA, etc.).
You may have an idea that you feel is not patentable or you may not want to expend the cost of patents right away. However, below are just a handful of reasons you will still want to establish Confidentiality.
During Early or Pre-Development
You could be first to market with an idea
Your idea involves trade secrets
You are still developing the final solution
You don’t want competitors to know what you are doing
You need time to perform market research
You are raising funds to develop the idea
The engineering firm you hire may come up with a patentable solution
Later in the Development Cycle
Early user feedback
Results of Market Research
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